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BookMyForex Forex Card Benefits
December 28, 2020 Forex Card Travel
11 minutes, 44 seconds Read

All You Need To Know About The Best Forex Cards in India

BookMyForex Forex Card Benefits

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Last Updated: 28th Oct’21

There has been a striking increase in the number of Indians heading abroad for better work opportunities and recreational travel. With foreign travel becoming increasingly common among Indians, figuring out a hassle-free payment method is the need of the hour. Once you have estimated the costs of staying abroad and prepared a realistic budget, the next step is to decide how you are going to pay for your expenses conveniently.

“Debit card” is the first option that may pop up in the minds of most people. However, we cannot ignore that the usage of this traditional payment method results in hefty conversion charges which can take a huge toll on your pocket. Since foreign trips involve frequent payments, they necessitate the need for investing in the best forex card which facilitates savings. Forex cards often come with fantastic discounts, which in turn create ample money-saving opportunities during international trips.

Also Read: What is Forex Card? Complete Guide

This blog will elaborate on the details of top 4 travel forex cards available in India to help you make the right choice with ease.

1. BookMyForex Travel Card

In a bid to simplify overseas payments, BookMyForex has rolled out its own Visa-powered forex card in partnership with YesBank. This card is the perfect travel companion for students, travelers and working professionals alike. It can be swiped at merchant outlets and used for ATM withdrawals without hefty charges. What makes BookMyForex stand out is the fact that it has sold over 1,25,000 forex cards till date, thus helping customers save a whopping ₹19.25 crores in total.

Number Of Currencies:

The BookMyForex travel card can prove to be a good choice for working professionals, students and vacationers who regularly travel to multiple destinations. The card has been designed to support 15 different foreign currencies at the same time. Some of the currencies that are supported by BookMyForex travel cards are US Dollar, Pound Sterling and Euro.

Card Validity:

The validity period of BookMyForex travel cards ranges between 3 to 5 years. The expiry date is usually imprinted on the card just like debit/credit cards. After the validity period is over, the card will be subject to renewal.

Fees And Charges:

Among all the cards mentioned in this blog, BookMyForex travel cards have zero issuance, refund and reloading charges. The cash disbursement fee would be just 2% of the total transaction amount.

Other Important Features:

  • Contactless payment: Merchants in some countries allow only contactless payments. This is where the contactless payment technology of forex cards can come handy for paying at POS terminals with just one tap.
  • Zero margin loading rates: You can load your BookMyForex forex card with currency at zero margin rates. This feature can help you keep unnecessary charges at bay. Also, you can reload your card remotely no matter where you are.
  • Rigid PIN protection: BookMyForex card guarantees ease and peace of mind to travelers. It ensures the safety of their hard-earned money with its rigid PIN protection mechanism.
  • Instant notifications: Whenever you spend money on something using your forex card, you will receive instant notifications. Spending alerts can allow you to track your forex card balance. This feature will allow you to track your spendings along with their INR equivalents.
  • Direct blocking service: The direct blocking facility greatly contributes to the security of the BookMyForex travel card. In the event of your card getting lost, you can block it right away without seeking customer care’s help.
  • Encash facility: When you come back from your international trip, you can encash the remaining balance in your card. Alternatively, you can transfer the balance to a Resident Foreign Currency Domestic Account.
  • Free insurance cover: BookMyForex travel card is backed with a free insurance cover to safeguard you against losses resulting from theft, assault etc.
  • Emergency cash support: BookMyForex provides emergency cash assistance in almost all popular international cities. You can opt for this cash support if your forex card gets stolen or lost.

2. Axis Bank Forex Card

The Axis Bank multi-currency forex card is aimed at Indians who travel abroad on a regular basis. The card offers solid protection against currency fluctuations, thereby helping you maximize savings. This card can greatly simplify your everyday purchases in foreign countries.

Number Of Currencies:

Gone are the days when people had to reload their forex card with a new currency at the time of visiting a foreign country. The Axis Bank multi-currency forex card is capable of being loaded with 16 currencies like the Great Britain Pound, Canadian Dollar etc.

Card Validity:

This forex card from Axis has a long validity period of 5 years. This means that you can travel the world for 5 years straight without having to renew your card.

Fees And Charges:

For getting your card issued, you will have to pay a flat fee of 300 INR. Keep it in mind that the issuance charge is not inclusive of GST. Apart from this, the reloading charges amount to 100 INR. For encashment upon returning from your trip, you will again have to pay 100 INR. The cross currency markup fee is 3.5%.

Other Important Features:

  • Contactless payment technology: Boasting Visa’s payWave technology, Axis bank forex card can save plenty of your precious time while making payments. Instead of swiping your card, you just have to wave it in front of the merchant terminal and the payment will be completed.
  • Personalized design: Axis bank gives you the golden opportunity to customize your card based on your preferences. You can either go with a personalized image or take your pick from the available designs.
  • Emergency assistance: If your forex card happens to get lost, you can seek emergency assistance with a single call. You can block your card and use emergency cash to manage expenses and book your return flight.
  • Regular transaction alerts: You can opt for regular transaction alerts by registering your contact details and email with the bank.
  • Insurance coverage facility: Axis bank forex card features an insurance that covers up to 3,00,000 INR for lost, stolen or counterfeit cards. There would be a coverage of up to 60,000 INR in case of robbery or ATM assault for which an FIR has been filed.

3. HDFC Bank Forex Card

Forget about refilling your card with different foreign currencies every now and then as the HDFC bank forex card has the solution to this problem. Offering support for multiple currencies, the forex card from HDFC is backed by chip technology which makes transactions incredibly secure.

Number Of Currencies:

You can use the HDFC ForexPlus card to pay for your shopping and dining needs across countries. It can support a total of 22 currencies including Japanese Yen, Swedish Krona and Saudi Riyal.

Card Validity:

HDFC multi-currency Forex Cards come with an expiry of about 3-5 years.

Fees And Charges:

The issuance fee of the HDFC ForexPlus card is 500 INR. Every time you reload your card, you will have to pay 75 INR. Also, you will be charged a flat fee of 2 USD for ATM withdrawals overseas.

Other Important Features:

  • PIN protection and worldwide acceptability: HDFC bank forex card boasts high-end security elements and comes with robust PIN protection. Also, it is accepted worldwide at merchants and ATMs affiliated with Visa and Mastercard.
  • Conveniently change ATM PIN: The good news is that you can conveniently change your ATM PIN from the comfort of your couch. You just have to leverage the prepaid net banking facility to change the ATM PIN.
  • Emergency cash assistance: In case your card gets stolen or fails to work at merchant outlets, HDFC bank can provide you with emergency cash assistance.
  • Temporary card blocking: You can temporarily block/unblock your forex card by connecting with HDFC bank phone banking executives at any time of the day. Alternatively, you can use the prepaid net banking facility to block your card temporarily, especially when it has been stolen or lost.
  • Support for online E-commerce transactions: HDFC forex card offers support for payments on online shopping portals. You may have to complete a two-factor authentication and enter your forex card’s net banking PIN to validate online e-commerce transactions.
  • Seamless tracking facilities: HDFC bank offers both SMS and email alert facility to ensure seamless tracking of your card. You can receive alerts on your registered mobile number regarding forex card purchases, withdrawals, wallet transfer etc.
  • Quick reload facility: There are various ways to reload your HDFC bank forex card. You can either head to a nearby bank branch or use the mobile banking app to reload your travel forex card.
  • Insurance coverage: You can get coverage up to 5,00,000 INR for losses resulting from misuse of your card. Similarly, there is a coverage of 50,000 INR for lost baggage and up to 20,000 INR for passport reconstruction.

4. ICICI Bank Forex Card

With the ICICI bank forex card, you can make hassle-free payments abroad and pave the way for a memorable travel experience. As surprising as it may sound, this card functions the same way as a debit card. The only difference is that the money is deducted straight from your forex card’s balance.

Number Of Currencies:

The ICICI bank forex card is deemed an all-in-one solution for international travel as it can be loaded with 15 currencies. Some popular foreign currencies it supports are the Swiss Franc, Australian Dollar, Euro and the UAE Dirham.

Card Validity:

The long validity of this card makes it a must-have companion for travelers who frequently embark on long vacations. The card will be valid for 60 months, i.e., 5 years from the date printed on the card.

Fees And Charges:

For getting your ICICI bank forex card issued, you will have to pay a joining fee of 150 INR. Similarly, reloading charges equal to 100 INR. You will also be subject to 3.5% cross currency markup charges. Take note that all these above-mentioned charges are non-inclusive of GST.

Other Important Features:

  • Instant activation of forex card: Your ICICI bank forex card gets activated for making payments the moment you purchase it. You can instantly load your card with the desired amount of money without any waiting period.
  • High-end security: ICICI bank forex card boasts high-end security to keep you safe against theft and fraudulent practices like skimming. The card features solid chip and PIN security for added protection.
  • Emergency travel assistance: ICICI bank offers emergency travel assistance when your forex card is lost or stolen. The bank also offers comprehensive travel insurance absolutely free of cost. Besides emergency travel assistance, ICICI bank forex card provides fantastic discounts across merchant outlets.
  • Automatic selection of currency wallet: It must be noted that there are multiple wallets available on the ICICI forex card. The card is equipped with a smart technology that recognizes the transaction currency and automatically selects the right currency wallet. If the selected wallet runs out of balance, the remaining amount is debited from the wallet of another currency at real-time rates. Hence, the card also supports transfer of funds from one digital wallet to another.

Factors To Consider Before Buying A New Forex Card

Make sure you consider these factors before buying a new forex card for your next trip to get the best value for money.

1. Be aware of RBI guidelines and other charges involved  

It is important that you familiarize yourself with the latest RBI guidelines and other charges ensuing your card’s usage. RBI has clearly stipulated that Indians traveling abroad can carry foreign currency up to a maximum of 3000 USD. Also, the overall foreign exchange limit for each person is 2,50,000 USD or equivalent per financial year. Once you return home from your trip, you can encash the remaining balance in your forex card. On top of this, you should check whether any special charges are associated with your respective card. Generally, you will not have to shell out extra bucks for swiping your card at merchant outlets. However, you may have to bear a nominal fee for availing services like balance enquiry, card replacement, statement request etc.

2. Daily spending limit of the forex card

The card you are planning to purchase might come with a spending cap. Once the spending limit of your card is exhausted, you will not be able to use it anymore for that particular day. See to it you get in touch with the card issuing authority and inquire beforehand to confirm whether the card accords with your spending plans.

3. Card activation and PIN generation

You should always ask your forex card provider how long it would take for your card to get activated from the date of purchase. You can also inquire about card reloading time, delivery schedules etc. Ensure you keep your card’s helpline number handy by jotting it down somewhere. In case you forget your card’s PIN, you can dial the helpline number to follow up with support agents to initiate PIN generation as fast as possible.

BookMyForex Travel Card vs Other Bank Forex Card: A Comparative Analysis

 

ParameterBookMyForex Prepaid CardOther Bank Forex Card
Load/Unload at Zero-MarginAvailableNot Available
Issuance FeeZero fee₹350 and above
Contactless PaymentAvailable for freeAvailable but at extra cost
Direct Block FeatureAvailableNot Available

Takeaway

People go abroad for a variety of purposes like availing healthcare facilities, building lucrative careers, exploring tourist spots etc. Since international travel comes with a plethora of expenses, a forex card can work miracles for making overseas payments faster and simpler. While there is no dearth of forex card providers nowadays, you should make the final selection keeping in mind all the vital points discussed above.

No forex card provider in the market can provide you with the same level of affordability, security and convenience as Bookmyforex’s travel card. The best forex card in India offered by BookMyForex is accepted across 1 million E-commerce sites and over 30 million stores globally.

Related Resources:

What is Forex Card? Complete Guide

Benefits of Forex Card for Students and Travellers

How to Apply for Forex Card? Steps & Documents Required

How to Reload & Unload Forex Card? Steps & Documents Required

Charges and Usage Limits of Forex Card

Tips for Using a Forex Card While Travelling

Forex Card vs Cash vs Credit Card: Comparison

Forex Card FAQs

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